Company Announcements

Update on the Acquisition of Fiinu Holdings Ltd

Source: RNS
RNS Number : 7531R
Immediate Acquisition PLC
07 July 2022

7 July 2022


Immediate Acquisition Plc

("IME", the "Group" or the "Company")


Update on the Acquisition of Fiinu Holdings Limited


Immediate Acquisition Plc (AIM: IME) is pleased to announce, further to the announcement dated 1 July 2022, that Fiinu 2 Limited ("Fiinu 2"), a subsidiary of Fiinu Holdings Limited ("Fiinu Holdings") has today received confirmation of its Part 4A deposit taking licence ("Banking Licence") from the Prudential Regulation Authority, with the consent of the Financial Conduct Authority. This will allow the Company to proceed with the completion of the Acquisition Agreements and Placing Agreement on the timetable as previously announced and set out further at the end of this announcement (as updated to take account of completed steps and the timetable as now anticipated following confirmation of the Banking Licence).

It is expected that the readmission of the Enlarged Issued Ordinary Share Capital to trading on AIM ("Admission") will take place at 8.00 a.m. on or around Friday 8 July 2022.

Fiinu 2 will be renamed Fiinu Bank Limited.

Further announcements will be made as appropriate.

For further information please contact:

Immediate Acquisition Plc

Tim Hipperson, Non-executive Chairman

Simon Leathers, Non-executive Director

Tel:  +44 (0) 203 515 0233

SPARK Advisory Partners Limited (Nomad)

Mark Brady

Adam Dawes

Tel: +44 (0) 203 368 3550

SP Angel Corporate Finance LLP (Broker)

Abigail Wayne

Matthew Johnson

Tel: +44 (0) 207 470 0470

Buchanan Communications (Financial PR adviser)

Chris Lane / Kim van Beeck / Jack Devoy

Tel: +44 (0) 207 466 5000

Brazil London (Press office for Fiinu)

Joshua Van Raalte / Christine Webb / Jamie Lester

Tel: +44 (0) 207 785 7383



Information on Fiinu

Fiinu Holdings, founded in 2017, is a technology platform and provider of consumer banking products.

Fiinu comprises two innovative businesses: Fiinu 2 (to be renamed Fiinu Bank Ltd), which holds the Banking Licence and will offer the group's flagship product, the Plugin Overdraft®, and Fiinu Ltd, a provider of financial technology and alternative data solutions.

Fiinu's Plugin Overdraft® is an unbundled overdraft solution, whereby Fiinu can provide its customers with an overdraft facility without them having to switch their current account with their present bank, giving customers access to affordable credit. Importantly, an overdraft does not negatively impact a consumer's credit score and helps avoid expensive "payday lenders", giving consumers the opportunity to build their credit rating.

Fiinu Ltd is the group's technology arm which will manage and develop the group's platform utilising data insights and analytics.

Expected Timetable of Principal Events

Publication of the Admission Document

15 June 2022

Expected completion of Acquisition, issue of the New Ordinary

Shares, re-admission of the Enlarged Issued Share Capital and

commencement of dealings on AIM

anticipated to be 8.00 a.m. on or

about Friday 8 July 2022

Expected date for New Ordinary Shares to be credited to CREST accounts

anticipated to be 8.00 a.m. on or

about Friday 8 July 2022

Despatch of definitive certificates for New Ordinary Shares

within 14 days of Admission


All of the above timings refer to UK time. All future times and/or dates referred to above are subject to change at the discretion of the Company and SPARK.


Any changes to the above dates and times will be communicated by the Company via RIS announcements.


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